New Report: 46% of German Funds are Interested in Bitcoin

With a recently passed German law that allows the major German funds to invest in Bitcoin and other cryptocurrencies, many are on board and want to pull the trigger on this thing. According to this law, about 20% of the proceeds from German funds can be invested into Bitcoin. There was recently a survey conducted in major German territory. These investment funds were asked to participate in it. About 70 plus funds participated in this survey. According to the results, 46% of these funds are interested in putting their proceeds into Bitcoin and Ethereum.  

The survey further dictated that about 88% of these German funds have not invested a dime in Bitcoin or any other cryptocurrency for that matter, only 4% of these funds have invested some of their proceedings into Bitcoin, and to even the odds, about 8% are not even sure if they want to do it or not. 6.6% of these funds are currently executing board meetings and are discussing the matter with their stakeholders if they should go for investing this year or simply wait it out. 

13.2% of these farms have made bed mind invest in Bitcoin, but they are still exploring the crypto space; in a way, they’re trying to exclude every ounce of doubt from this investment to make it as secure as possible.  

Majority of Funds Currently have no Plans to Invest in Digital Assets

But this is the crypto market we are talking about; this is the place that generates volatility; nothing is sure everything is uncertain; that is why it won’t work for this 13.2% if they’re still scratching the surface of this thing. 26.3%, on the other hand, are very much aware of their investing strategy, and they are willing to invest in these digital assets, but they want to wait it out until the market is more mature.   The remaining 53.9% argue that they are not going to invest at all into Bitcoin or any other altcoin for that matter in the next three to five years, they want a window, and that is exactly what they are reaching for. 15% of these funds have agreed that the crypto space is way out of their league, but in the upcoming years, they will invest in the market and hopefully be able to see great returns on their investment.

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Oil Giant Saudi Aramco is Planning to Start Bitcoin Mining

Bitcoin mining is definitely trending since China has closed its door on the whole thing; the miners were basically forced to leave the region in search of mining-friendly frontiers. There are many regions that are now active in the case of Bitcoin mining, and Europe and the USA are the prominent ones. But there is a new company on the horizon, all but ready to begin with crypto mining, and that is Saudi Aramco, which is the third-largest company in the world. This is not a spur-of-the-moment decision; Saudi Aramco has the capital and resources to fuel capital into Bitcoin mining, which is precisely what is happening here. 

Saudi Aramco is Going to Launch its Bitcoin Mining Platform

A miner from Brazil by the name of Ray Nasser has confirmed this very move from Saudi Aramco; he established the news in a YouTube interview that the oil processing and refining giant is very much interested in Bitcoin mining and is setting things to do so as we speak. He also mentioned some of the facts about the company, such as the things that the company owns, their overall portfolio, and such. 

Ray told investing.com, a YouTube channel, that the company owns all the crude oil that is retrieved from the dessert, and in addition to this, the company has enough energy as we speak to power half of the Bitcoin mining that is taking place at the moment. So, yes, this is the big news for the mining sector that they are finally going to encounter a competitor that is not only tough but has the resources to take the game from their hands.  And Saudi Aramco doesn’t have to dedicate its oil reserves for Bitcoin mining; the excessive gas that is produced as a result of oil extraction and refining would be used to mine Bitcoin. Isn’t it convenient to be able to use an utterly excessive thing and put it into some worthwhile endeavor, Bitcoin mining?

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Regulatory Authority in South Korea Likely Shut Down 11 Crypto Exchanges

South Korean crypto regulatory authority FSC to ban 11 crypto exchanges. Anonymous resources claimed that multiple mid-scale crypto exchanges in the country won’t be able to convince FSC to approve their operations in South Korea.

The Financial Services Commission planned to impose a sanction on several local crypto exchanges amid fraud allegations.

FSC will soon impose a ban on 11 local crypto organizations as these exchanges are involved in illegal activities and fraudulent collective accounts. However, these organizations will not be disclosed publicly, for security reasons.

This news was reported by a local Korean News agency The Korea Herald on Sunday. Authorities have validated these claims today. The report further added that authorities have decided to impose even stricter regulations on small and middle-scale crypto mining and exchange services.

It seems that authorities are focused on targeting small and middle-scale crypto organizations. The news comes amid multiple smaller South Korean crypto exchanges suspending operations recently. Authorities have defended their stance by claiming that smaller local exchanges are increasingly involved in illegal activities.

On the other side, a local crypto exchange, Bitsonic disputed these claims.  Bitsonic announced Friday via its official Telegram channel, that like many other small exchanges it would also terminate operations, for an undefined period.  Bitsonic cited “internal and external issues,” as primary reasons for the suspension of its operations.

South Korean crypto experts expressed that the main reason behind the crackdown against local exchanges is pressure from multi-chain crypto exchanges.  Another local South Korean crypto exchange, CPDAX, also followed the footsteps of Bitsonic. CPDAX hinted to shut down its operation entirely as of Sept. 1.

Previous, at the start of last month, Darlbit exchange also discontinued its operations by suspending its deposit and cash withdrawal services in North Korea. The South Korean crypto sector has been under intense regulatory scrutiny. Regulatory authorities have demanded local crypto companies register themselves by the end of September and set up real accounts with all the required information.

The small-scale agencies have accused that authorities on purpose delaying license offerings to small-scale crypto organizations. The sole purposed behind this act was to pave way for the big giants. The economies of scale have played an important role. Regulating small crypto exchanges is a hectic task. Authorities would not get the desired benefits from small exchanges.

In the case of big exchanges, there are very few crypto exchanges in South Korea. So, regulatory authorities would get desired benefits, and the burden of regulatory complications would not be that much. Major crypto exchanges such as Upbit, Bithumb, Coinone, and Korbit can easily secure their license to operate in the country.   

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Crypto Market Analyst Predicts Cardano (ADA) may Witness Another Major Price Rally this Year

Michael Van de Poppe is a professional crypto analyst and trader. He is also the coaching head at a student investment group called Beursplien. As per his recent analysis, Cardano’s native token ADA is getting warmed up for a massive rally in the near term. However, the probable price surge is conditioned with certain expectations from the altcoin market.

Michael noted that Cardano has dwarfed under the shadow of Bitcoin in the crypto world. He claims that ADA has been moving in the opposite direction as compared to the BTC price movement since June. According to him, if the Cardano token can have crucial support levels between $1.16 and $1.33, it had a better chance of surging by 800%.

Peter Brandt Says ADA will Plunge Soon

Yesterday, celebrated economist and chartists Peter Brandt claimed that Cardano is headed towards a huge meltdown. Brandt took to Twitter to share his predictions about the third-generation crypto token. He also presented the example of the Litecoin crash that was correctly intercepted by him. The members of the Cardano community claim that these warnings are nothing but an attempt to set off a FUD.

One community member pointed out to Brandt that while the Bitcoin market was in a state of shambles, ADA managed to remain intact. Since April, Bitcoin’s price has been corrected by 54% before the start of August. However, Brandt was ready to take the heat, and he claimed that technical analysts should not be afraid to share their work for fear of being wrong.

The pro-crypto trader Michael seems to disagree with Peter Brandt by a long shot. He claims that if Cardano token ADA could match the value of 3500 satoshis, it might form a solid bottom. Satoshis are the smaller unit of Bitcoin; 1 satoshi is equal to 0.00000001 BTC units. Three thousand five hundred satoshis are currently valued at $1.45, whereas ADA is trading for $1.34 at press time. Michael further added that he is expecting the Bitcoin market to get vamped up once again in August. He claims that the flagship cryptocurrency is likely to do well against the USD. He traced a technical index that sees ADA moving alongside Bitcoin for a month, experiencing a positive rally. As per Michael, ADA can move up by 170% in the Bitcoin pair. On the whole, he is optimistic about a 400%-800% increment for ADA against the US dollar.

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PayPal’s Cryptocurrency Super Application Is Likely To Launch Soon

PayPal Holdings Inc., more commonly known as PayPal, is a payment processing company based in the United States, with its headquarters situated in San Jose, California. It specializes in processing payments for numerous countries worldwide which deal in online money transfers. Not too long ago, the company made it known that it is supportive of the crypto industry and would like to do its part to help usher in a new era of digitalization and online payments by officially adding cryptocurrency payments to its list of services. 

Dan Schulman, the CEO of PayPal, recently made it known that the company has plans of introducing a ‘super app’ that will reportedly greatly improve crypto functionality. He, therefore, stated that this new initiative had been ‘code completed’ and is scheduled to be fully implemented within the U.S as soon as in the upcoming few months. As such, the company’s representatives have announced that its customers will not have to wait for much longer in order to use the app and thus experience further ease of access when it comes to crypto via PayPal’s platform.

The ‘super app’

This ‘super app’ wallet shall include high yield savings, messaging capabilities as well as new cryptocurrency capabilities in general, early access regarding direct deposit funds, and so much more. Dan stated that in line with this new initiative’s goals, every wallet should be unique in nature and driven via advanced artificial intelligence (AI) in addition to machine learning capabilities.

Furthermore, the company had stated that as of June 30th, 2021, PayPal had gained a massive number of active user accounts (400 million to be exact) and $311 billion in cumulative payment volume as far as the year’s second quarter may be concerned. Moreover, Venmo (the payments firm owned by PayPal, which had also launched cryptocurrency trading back in April) had reportedly just about $58 million in overall payment volume for 2021’s second quarter, and its active accounts totaled 76 million.

PayPal offers crypto to be used as a source of funding

Dan had proudly claimed that only a handful of companies enable users to successfully utilize crypto as a source of funding and that PayPal is one of them. Additionally, the CEO added, the company has experienced an increase in cryptocurrency adoption as well as crypto-trading on Venmo.

In related news, the limit regarding cryptocurrency purchases is going to be increased, according to PayPal, earlier on in July. This increase is meant for those specific users who are based in the U.S and will be between $20,000 and $100,000.

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German Authorities to Allow Institutions to Hold Crypto Will Be Applicable from August 2nd

In a recent development, German lawmakers have allowed German companies to hold cryptocurrencies. The law comes into effect on 2nd of the August. It is another massive step by one of the most important European nations.

An estimated $415 billion worth of economic activity flow into the banking channels through cryptocurrencies as the law passed by German authorities goes into effect. The law further unfolds that from, August 2, 2021, German firms will be allowed to keep 20% of their overall assets in the form of crypto. However, the country’s economic experts said that the current law would set a strong base for widespread Bitcoin acceptance (BTC) and other crypto-assets. However, protection is offered by the country’s law enforcement authorities.

Bloomberg reports the new law passed by the German authorities alters Spezialfonds ruling regarding the “fixed investment rules.” Fixed Investment rules, also known, special funds, are available for institutional investors such as pension funds and insurers. Spezialfonds, as of this point, manages about $2.1 trillion, or 1.8 trillion euros, worth of assets.

Tim Kreutzmann is associated with a German fund management association BVI.  In his conversation with Bloomberg: he told people that most financial institutions would carry the crypto fund below the 20% mark. They will gradually go for the 20% mark.

Kreutzmann also said that post corona economic situation had experienced a paradigm shift. Institutions are going for a safe investment with gradual investments. However, independent investors are going for rapid expansion by investing huge.

“On the one hand, Institutional investors are looking forward to dealing with strict regulatory requirements. And the other side of the picture, they eagerly want to invest in the crypto market.”

Germany announced its first thorough blockchain strategy in 2019

giving 44 implementation measures. Which are set to be accomplished by the end of 2021.  Germany’s proposed 44 provisions also included user-friendly blockchain and crypto measures to make it easier for investors to enter digital assets trading.

Kreutzmann told Bloomberg, the biggest hazard regarding cryptocurrency is now authorities’ crackdown or volatile nature of the crypto market. However, the biggest hurdle is the complex nature of crypto transactions, which is beyond the understanding of the majority of the people.  Relatively less complicated measures would lure more and more people into the crypto market.

From the start of the 20201, European Union is actively working on fostering the blockchain and crypto trade mechanism.

Germany has emerged as the leading market for cryptocurrency exchange-traded products, or ETPs. With the application of the current law on, August 2, 2021, institutional investors would also enter the digital assets trading game.

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Illiquid Bitcoin Supply has Surged to ATH

The total amount of Bitcoin that whales are withholding has hit a new all-time high, especially after seeing a 3.5 months decline. According to the data provided by Glassnode analytics agency, the illiquid Bitcoin supply suggests that the supply is soaring and has currently reached 14,400 bitcoins, respectively. The number is pretty significant because recently, during the China crackdown and Elon Musk having his way with the Bitcoin and crypto market, the prices were in a serious plummet.  

People were liquidating their bitcoin just to get out of this thin stretch the whole crypto market was in. But now, as things are going back to normal and the trust of investors and traders in Bitcoin is revised indefinitely until a new roadblock presents itself, they are once again pouring their investment into acquiring more and more of it.  

Bitcoin Whales Become Active Again

The strong Bitcoin holders are not backing down and trying to get their hands on each and every token by any means necessary; MicroStrategy is among those financial enterprises that will stop at nothing to increase their Bitcoin supply. According to a report, the business intelligence firm has more than 100K Bitcoin in its hold and has not sold even a single one despite soaring the price between intervals. The firm has hit a serious loss in Q2 2021 regarding Bitcoin, which stretches into millions, but still, the firm is adamant about buying more Bitcoin and increasing its stash.   Bitcoin holders that have some experience stand on the biggest in the game have recently recovered the Bitcoin, which was sold during the last dump, which lasted about 108 days. After acquiring the said Bitcoin, they have put it back into their crypto-cold storages for long-term holding, they are going to wait it out until the market booms once again, and the prices are almost pouring off of the charts only then they’re going to make their move. This might also mean that Bitcoin could see a substantial bullish run accompanying it or nothing at all, but the cryptocurrency is trading above $42K at the moment.

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